Japan Jobless Rate Lowest Since April 1993

The unemployment rate in Japan dropped sharply to 2.4 percent in December of 2017 from 2.8 percent in the prior month and below market consensus of 2.7 percent. It was the lowest jobless rate since April 1993. Meanwhile, the jobs-to-applicants ratio stood at 1.59, the same as in the preceding month but slightly less than estimates of 1.6. It remained the highest figure since January 1974.

Compared to the previous month, there were 1.6 million unemployed persons, 230 thousand less than in December. Employment increased by 420 thousand to 65.95 million, after a decline of 20 thousand in a month earlier. The labour force rose by 160 thousand to 67.54 million while those detached from the labour force dropped by 180 to 43.41 million.

Among people aged 15 to 24 years old, the jobless rate fell significantly to 3.3 percent from 4.6 percent in December.

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